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USA Today: Snapchat's founders turned down an offer of more than $3 billion in cash from Facebook.

The Los Angeles-based company, founded by 23-year-old Evan Spiegel, recently turned down the offer because it's currently being courted by multiple investors, according to a source familiar with the matter.

The 2-year-old Snapchat has been approached with offers including an investment from China's Tencent Holdings that would value the start-up at $4 billion. Snapchat's mobile app allows people to send text and photos that disappear in what has been hailed as all the rage in a next wave of private social sharing.